July 29, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, July 29th, 2024.
U.S. weekly raw steel production rose to 1.74MT up 3% from last year, but down 2.3% YTD on slow U.S. manufacturing.
WTI crude oil price fell to $77.16/b., near a 6-week low. This was on weak Chinese demand and on Gaza cease fire talks.
U.S. weekly crude oil production was steady at 13.3Mb/d the all-time high in American history. U.S. production is 51% higher than Saudi Arabia and the U.S. remains the #2 oil exporter in the world while Saudi Arabia is #1.
The U.S. weekly oil rig count rose to 482 but is still low on great productivity per well and the need by the oil companies to keep supplies tight. Too much production lowers prices and profits.
Scrap steel #1 HMS price was steady at $305/GT with some upward price pressure for July.
Hot-roll coil steel price rose slightly to $32.39/cwt., $648/T on slow and steady demand.
Copper price fell to $4.11/lb., a 4-month low on concerns over slow Chinese demand.
Aluminum price fell to $1.04/lb., $2,289/mt on concerns over slow Chinese demand and on the highest Chinese aluminum production since 2014.
U.S. July S&P Global manufacturing PMI fell to 49.5 with under 50 being contraction. New orders, production and inventories fell, but business sentiment rose from a 19-month low.
U.S. U of M Consumer Sentiment was revised higher to 66.4. Expectations were revised higher but are still low.
U.S. June core PCE, Personal Consumption Expenditure index, the Federal Reserve’s preferred inflation measure was steady at 2.6%, which is still above the 2.0% target.
U.S. June Sales of new single-family homes fell to 617K annualized, the rate of the 1960’s. They are low due to higher prices and higher interest rates.
U.S. Q2 GDP, economic growth rose to 2.8%, which was above forecast. This was on faster consumer spending, but also on higher imports and lower exports.
Wall Street’s Dow Jones Industrial Average rose 301 points to 40,589, near the all-time high. Slowing inflation will bring lower interest rates, which helps the economy.
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Here is a Big BENLEE Fan. Jackson Parschall, a driver for Cox trucking. A Big thanks for the commitment.
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